SSE completes windfarm ownership deal

SCOTTISH & Southern Energy has bought out its joint venture partner in the world's largest offshore windfarm project.

The Perth-based utility acquired a 50 per cent stake in the Greater Gabbard offshore wind farm when it bought windfarm specialists Airtricity earlier this year. Yesterday, it confirmed it was going ahead with the 504 megawatt project, to be built off the coast of Suffolk, and has agreed to pay £40 million to Fluor International for the remaining 50 per cent stake.

Fluor has also been awarded the contract to design, install and commission the plant, while German company Siemens will provide 140 3.6 megawatt turbines. SSE chief executive Ian Marchant said Greater Gabbard was a "landmark project for SSE and for the development of the UK's offshore wind resource".

SSE shares added 10p to 1,400p.